CandleFocus Cost of Producing 1 Bitcoin Soars to $49,500: What it Means for Miners
2024-11-05
Author: Content Editor
A recent report from Coinshares highlights the increasing production costs and mining difficulty of Bitcoin. The report estimates that it now costs around $49,500 to produce one Bitcoin, making it less accessible for individual miners. As a result, many miners are shutting down their operations due to the inability to break even. The rising mining difficulty also poses a risk of Bitcoin mining becoming more centralized, as institutional participants can keep up with the rising costs. Additionally, the report shows that Bitcoin miner reserves have been fluctuating based on market sentiment and anticipation of higher prices. However, uncertainty surrounding the U.S. elections has led to a decline in miner reserves and a decrease in Bitcoin's price. The cryptocurrency has been in the red for six consecutive days and may continue to face downside pressure. Fibonacci retracement suggests that the price may find support between $60,500 and $63,100.
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